How To Record a Refund From a Vendor in QuickBooks Desktop?

by James Antonio

In QuickBooks, when a refund is done from a vendor then it is known as the Vendor credit. When you get this vendor credit then you have to record a refund from a vendor credit in QuickBooks Desktop. So to record this vendor credit in QuickBooks, you have to initiate a process that helps you to create its record. With this, you can easily calculate the final amount to be paid without any confusions.

Record a Refund From a Vendor in QuickBooks Desktop

Ways to Record a Refund From a Vendor in QuickBooks

In this module, we will understand the process of how to record vendor refund in QuickBooks Desktop. We will understand the various processes to record the refund in QuickBooks accurately by following the procedure mentioned below:

Process 1: When the Vendor Sends you the Refund Check for Returned Inventory Items

To Record a Deposit of the Vendor Check follow the Below Mentioned Steps

  • In first step, you need to go to the “Banking menu” and select “Make deposits
  • After that click “Ok” the deposit window
  • Hit a click on door “Received from drop-down” and select vendor who sent you the refund.
  • After this, Choose the suitable “Accounts payable” account.
  • In the column of the amount, you are required to enter the verified amount of the “Vendor” check.
  • Put the other remaining details in the “Deposit account“.
  • Click “Save and Close” the window

For Recording a Bill Credit for the Refund Items follow the below-mentioned Steps

  • Firstly you are required to select “Enter Bills” in the Vendor’s menu.
  • Click the “Credit” option button to account for the returns of good return of goods.
  • Insert the name of the vendor & hit on the “Items tab
  • Enter the returned items with the same amount as the amount on the refund check
  • Finally press “Save and Close“.

Link the Deposit to the Bill Credit

  • From the “Vendor” menu hit the “Pay bills” option.
  • Certify the “Deposit” & “Vendor check amount“.
  • Select the “Set credits” & put in the “Bill credit” which have been created
  • It will be completed once you choose the option of “Pay selected bills“.

Process 2: When the Vendor Refund Check for a Paid Bill

Record the Deposit of the Vendor Check

  • In the initial step, choose “Make Deposits” in the banking menu.
  • Proceed at the make deposits Vendor & from the drop-down you are required to click on the received & Select the “Vendor” who sent you the money back.
  • In the form account drop-down, pick the appropriate account payable account.
  • Fill up the real amount of the vendor check in the column of account.
  • Press the “Save and Close” button.

Recording of the Bill Credit for the Money Back

  • In step one, you are required follow the “Vendor’s menu” -> “Enter Bills” -> “Credit option” for goods return.
  • Tap the “Expenses tab” after entering the Vendor’s name.
  • You need to insert the accounts on the native bill.
  • Click on the “Amount column” enter the suitable amount for every account.
  • Finally check on “Save” and close the tab.

Link to Deposit to the Bill Credit

  • From the “Vendor” menu hit the “Pay bills” option.
  • Confirm the deposits that is same as the vendor check amount.
  • Choose “Set credits” and apply for the bill credit you have created in the past and then click done.
  • Tap on pay select bills, then click “Done“.

Process 3: When Some other Vendor Sends Money Back on Behalf of the Native Vendor

Prepare a Deposit for the Vendor who has Sent the Refund Check

  • In first step, go to the “banking menu” & Choose “make deposits“.
  • Then, in the “make deposit window” and select on the “Received” from the drop-down and choose the “Vendor” who sent you the refund.
  • In the form account drop-down, select the appropriate “Accounts payable” account.
  • After that proceed to the “Amount column” and here you are required to enter the Original amount of the refund.
  • Finally click save and close

Prepare a Bill for the Deposited Amount and Apply it to the that

  • From the vendor’s menu option you are required to select the “Enter bills“.
  • Select the “Vendor” who paid you money back.
  • After that, you are required to enter the money back amount in the column.
  • Click on the “Expense tab
  • Proceed to the “Amount field” insert the money back amount.
  • Click “save and close“.
  • Get the “Pay Bills” option from the Vendor’s menu.
  • Choose the “Bill” and press on the “Set Credit“.
  • It will be completed once you choose the option of “Pay selected bills“.

Make a Bill for the Amount of the Credit Which is Affecting the Wash Account and then Apply to the Bill to the Credit

  • From the vendor’s menu option you are required to select the “Enter bills“.
  • Select the “Vendor” who paid you money back.
  • Enter the amount of the refund.
  • Tap the “Expense tab” and in the amount field choose a “Wash account“.
  • After that, you are required to insert the money back amount.
  • Click “Save and close“.
  • Select the “Pay bills” option to the vendor’s menu.
  • Select the “Credit” after clicking on the “Set credit“.
  • It will be completed once you choose the option of “Pay selected bills“.

Process 4: Situation where the Vendor Sends a Money Back Check which is not Related to an Existing Bill

Record a Deposit of the Vendor Check

  • Go to the “Banking” menu, press the option of “Make deposits“.
  • Click on “Make deposits window” and tap the “Received from the drop-down” and select “Vendors” who has sent you the refund and pick the required “Accounts payable” account.
  • You are required to enter the original amount of the check in the “Amount” column.
  • Just insert required information in the “Deposit“.
  • Click “Save and close“.

Recording of Bill Credit for the Vendor’s Check Amount

  • Select the “Enter bills” from “Vendors” menu.
  • Choose the “Credit option” to the account for the return of goods.
  • Enter the “Vendors” name.
  • Click on the “Expense tab” and enter the “Account” you would normally use for the refunds.
  • Enter the account appropriate amount for each “Account” in the amount column.
  • Then “Save and Close” the window.

Connect the Deposit to the Bill Credit

  • From Vendor’s menu choose “Pay bills“.
  • Match the deposited amount and “Vendor’s check amount“.
  • Choose “Set credit” and apply the “Bill credit” you have made earlier
  • It will be completed once you choose the option of “Pay selected bills“.

Process 5: If the Refund Sent by the Vendor Credit of the Credit Card

  • In first step, go to the “Banking Menu” & Choose “Enter credit card charges“.
  • Then, pick up the “Money Back” option.
  • Select the accurate “Vendor name” and put the mount and date reference number.
  • Insert an accurate “Memo” to explain the entry.
  • If you have returned items, click the item “Tab” and enter the items and “Amount” from the refund.
  • Choose the “Expense tab” and Select the “accurate account” and “Enter the amount“.
  • Lastly, click “Save and close“.

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